The FTX collapse sent shockwaves across the globe and seriously damaged the confidence in the market.
Nayib Bukele, the President of El Salvador and Changpeng Zhao, the CEO of Binance, two senior cryptocurrency enthusiasts, nevertheless, manage to break through the mist despite advancing their goal of financial independence.
Bukele was the driving force behind the widespread acceptance of Bitcoin (BTC) in the country. Bukele referenced the latest FTX fall to highlight why Bitcoin (BTC) is distinct from other cryptocurrencies, notwithstanding the criticism he faced in the past for buying Bitcoin (BTC) while markets fell. President Bukele tweeted the following:
As President Bukele described the underlying intricate details of the Bitcoin protocol, he iterated that “FTX is the reverse of Bitcoin.” A fully decentralized financial system can be achieved by using an unchangeable peer-to-peer network, as the Bitcoin (BTC) white paper emphasizes.
Sam Bankman-Fried, the CEO of FTX, along with other financial frauds like Bernie Madoff were singled out by Bukele, who also noted that the Bitcoin (BTC) protocol shields these dishonest people from financial misconduct. “Some understand it, some not yet. We’re still early,” noted Bukele.
Additionally, he emphasized in his speech in favor of Bitcoin (BTC) that it has a 21 million market capitalization limit, making it a genuinely uncommon asset to acquire globally. He gets it comments were the obvious consensus from the crypto community.
Earlier, US Representative Brad Sherman accused billionaire crypto actors for legislative delays, claiming they had a direct hand in funding campaigns. The senator said that “I believe it is important now more than ever that the SEC take decisive action to put an end to the regulatory gray area in which the crypto industry has operated.”
The comments of the Senator concern the $39.8 million influx of funds made by Sam Bankman-Fried during the prior 2022 midterm elections in the United States.